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West Midlands Metro tram system HS2 – Curzon Street Station
Tech and digital sector
New Garden Square
Michelin-starred restaurant, Opheem
Cannon Hill Park, Calthorpe Estates
2022 Commonwealth Games
BirminghamAs Birmingham enters a new decade, confidence remains sky high in the UK’s Second City. With a diverse, talented and youthful population, an influx of blue-chip businesses and global events on the horizon, there is plenty to be excited about.
Birmingham is home to 9,000 international companies, more than any UK city outside London, and has seen more jobs created via foreign direct investment than any other region outside the capital.
The city has developed into a key commercial sector for businesses working in a wide variety of sectors including the tech and digital sector, which encompasses over 3,000 businesses generating over £1.3 billion for the local economy.
Major commercial developments throughout the city continue to flourish, including Paradise, Arena Central and Snowhill, while future regeneration sites such as Smithfield, Axis Square, Martineau Galleries and New Garden Square are producing a healthy pipeline for future residential, leisure, retail and commercial development.
Birmingham has also seen several new residential developments, including schemes built for both open-market sale and the Private Rented Sector (PRS). The West Midlands residential market has continued to outperform the majority of the UK in 2019, with house prices rising by 2.7%, a larger increase than any other English region.
Lifestyle
With no shortage of cultural, leisure and entertainment facilities, and over 600 parks and green spaces, there is something to do for everyone – whether you want to experience the buzzing city centre lifestyle or escape for a peaceful walk.
Birmingham was ranked as the best English city outside of the capital in the Mercer Quality of Living Survey in 2019, ranking in the top 50 locations worldwide.
Birmingham’s renowned culinary scene added yet another Michelin-starred restaurant to its ranks, with Opheem bringing the total to six, while the popular Indian eatery Dishoom announced a move to Paradise. This, combined with a vast array of cafes and bars, makes for a thriving and vibrant nightlife scene for visitors and residents alike, no matter the taste.
Major investment is being pumped into the city as it takes to the global stage to host the 2022 Commonwealth Games, which will attract a projected 1.5 billion viewers worldwide. The new athletes village at Perry Barr will help create 1,400 homes and will form the base of a long-term plan to regenerate the area with 5,000 new homes, while several sports facilities will benefit from redevelopment.
Infrastructure
Birmingham lays claim to being one of the most well-connected cities in the UK and continued investment in travel routes and facilities is only strengthening its hand.
HS2 will provide high-speed train services from two new stations at Curzon Street and Birmingham Airport. Once complete, the new routes will provide connections to London in as little as 38 minutes and more frequent services to the North.
The West Midlands Metro tram system added two further stops to its route in 2019 and further works to expand the service to Edgbaston via Broad Street by 2021 are already underway, while plans are also in place to provide improved links to Dudley and Wolverhampton.
Birmingham Airport offers flights to worldwide destinations including New York, Paris and Dubai and saw 13 million passengers pass through its gates in 2019, a number which is expected to grow to 18 million by 2030.
A £200 million investment has been made towards the creation of a new Sprint bus system to connect the West Midlands, with three of a planned seven services scheduled to be operational in time for the start of the Commonwealth Games in 2022.
The West Midlands is set to embrace state-of-the-art 5G technology, allowing for internet speeds up to 10 times quicker than 4G while enabling more devices to be connected to a network and minimising delays in downloading and viewing content.
Availability
Pipeline
*Significant existing and under construction supply:
*Single buildings greater than 50,000 sq ft with a live Detailed Planning Consent or Back to Frame Redevelopment:
Investment
Despite the challenging political climate, transaction volumes remained high in 2019 due to several high value transactions, reinforcing the robust nature of the Birmingham market. £607m transacted across 14 deals in 2019, compared with £420m across 12 deals in 2018. Birmingham remains a key market for UK investors whilst attracting a diverse pool of international capital, illustrated by the sale of Priory Court and The Lewis Building to Middle Eastern investor, Gulf Islamic Investment (GII), for £139m. This transaction represented the largest single office transaction in the UK outside of London in 2019.
Despite the weight of capital targeting the Birmingham office market, the city presents a distinct lack of stock, as existing owners seek to capitalise on the strong market dynamics and rental growth prospects. This is particularly evident at the prime end of the market, where opportunities over the last 12 months have been few and far between. As a result prime yields have held firm at 4.75%.
Notable transactions in 2019 include:
• The £139m sale of Priory Court and The Lewis Building
• The £62m sale of 45 Church Street
• The £49m sale of 120 Edmund Street
• The £190m sale of The Mailbox
• The £38m sale of Eleven Brindleyplace
Take-Up
2019 Highlights
Major Deals
Q1 194,014 sq ft
Q2 320,595 sq ft
Q3 160,593 sq ft
Q4 104,893 sq ft
TOTAL 780,095 sq ft 116 deals
2018 754,129 sq ft 113 deals
2017 1,005,072 sq ft 130 deals
Platform 21 - Secretary of State (GPA) 110,780 sq ft
Six Brindleyplace - WeWork 92,670 sq ft
Louisa Ryland House - WeWork 81,280 sq ft
One Brindleyplace - Commonwealth Games 72,261 sq ft
55 Colmore Row - WeWork 55,092 sq ft
The Colmore Building - Irwin Mitchell 46,750 sq ft
2 Chamberlain Square - DLA Piper 40,277 sq ft
103 Colmore Row 223,000 sq ft
Two Chamberlain Square 127,627 sq ft
Three Snowhill 120,389 sq ft
Baskerville House 56,506 sq ft
Oozells Building, 9 Brindleyplace 36,058 sq ft
1 Newhall Street 34,784 sq ft
The Lewis Building 33,434 sq ft
No. 1 Colmore Square 30,130 sq ft
4 St Philip’s Place 18,355 sq ft
10 Temple Street 17,467 sq ft
11 Brindleyplace 14,316 sq ft
3 Brindleyplace 11,893 sq ft
One & Four Axis Square (two buildings total) 462,500 sq ft
Post & Mail 424,628 sq ft
Rackhams Building 318,708 sq ft
One Centenary Way 280,000 sq ft
8 & 10 Brindleyplace 180,184 sq ft
5 Centenary Square 178,000 sq ft
Enterprise Wharf 120,000 sq ft
Imperial House 60,000 sq ft
5 St Philip’s Place 58,000 sq ft
2019
Annual Totals
*as of 31st January 2020
UK’s first 5G Testing Hub
40% of population
under 25
82,000 students at 5 universities
New Street
busiest train station outside of London
Top regional city for
quality of life
in England
One in seven (13.2%) people moving outside London moved
to the Midlands
£102 BN Regional economy
TEM
PLE
ST
MILL
LANE
ST
M6/M42
A45/M42 Birmingham Airport
M5
M5/M42
KENY
ON S
T
Library ofBirmingham
Utilita ArenaBirmingham
Pavilions
BirminghamChildren’sHospital
Grand Central
New St
Curzon
Birmingham Smitheld
Brindleyplace
Paradise
Arena Central
HUNTLY ROAD
DUCHESS ROAD
B4284 HARBORNE ROAD
B421
7 CA
LTHO
RPE
ROADHIGHFIELD ROAD
WESTBOURNE ROAD
CHAD
ROA
D
VICARAGE ROAD
FRANCIS ROAD
GREENFIELD CR
FRED
ERIC
K RO
AD
GEOR
GE R
OAD
WH
EELE
Y’S
ROAD
CARPENTER RD
WELLINGTON ROAD
GOUGH ROADPAKENHAM ROAD
RYLAND ROAD
WOOD VIEW DR
SPRI
NG R
OAD
Birmingham Science
Park Aston
LADYWOOD ROAD
HS2
CURZON STREET STATION
5
12
3
2
1
4
6
7
811
9
10
BirminghamOfficeMarket.co.ukFor more information on the above buildings, go to:
103 COLMORE ROW
NO. 1 COLMORE SQUARE
BASKERVILLE HOUSE
10 TEMPLE STREET
THREE SNOWHILL
4 ST. PHILIP’S PLACE
THE LEWIS BUILDING
3 BRINDLEYPLACE
TWO CHAMBERLAIN SQUARE
OOZELLS BUILDING
1 NEWHALL STREET
11 BRINDLEYPLACE
Proposed High Speed 2 Line
Metro
Metro Extension - April 2021
Proposed Eastside Metro Extension
Retail Quarter
Southside
Jewellery Quarter
Westside
Colmore Business District
Edgbaston
Education Zone
Eastside
Gun Quarter
1
4
7
10
2
5
8
11
3
6
9
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